Babylon To Blockchain: Bitbose Revolutionizing the Banking system

Babylon To Blockchain: Bitbose Revolutionizing the Banking system

Banks as we know them today began with the first prototype banks were the merchants of the world, who made grain loans to farmers and traders who carried goods between cities. This was around 2000 BC in Assyria and Sumeria. Later, in ancient Greece and during the Roman Empire, lenders based in temples made loans, while accepting deposits and performing the change of money. Archeology from this period in ancient China and India also shows evidence of money lending activity.

Many histories position the crucial historical development of a banking system to medieval and renaissance Italy and particularly the affluent cities of Florence, Venice and Genoa.
The development of banking spread from northern Italy throughout the Holy Roman Empire, and in the 15th and 16th century to northern Europe. This was followed by a number of important innovations that took place in Amsterdam during the Dutch Republic in the 17th century and London since the 18th century. During the 20th century, developments in telecommunications and computing caused major changes to banks’ operations and let banks dramatically increase in size and geographic spread.

The financial crisis of 2007-2008 caused many bank failures, including some of the world’s largest banks, and provoked much debate about bank regulation.

Challenges in the Traditional Banking Sector

  • There are a number of problems plaguing the banking system:
  • Distrustful Depositors who are susceptible to causing bank-runs, an ugly situation where all the depositors withdraw their funds at the same time.
  • Policy issues which most often do not take into cognizance the real challenges rather playing along populist tactic or strategy.
  • Security concerns: hackers are always targeting banks to gain access to the backend of the banking system.
  • Cooked books where corrupt and immoral bankers connive with Accountants to siphon funds and often the perpetrators are not caught.

Applying Blockchain to the Banking sectors.

There is no questioning whether blockchain technology will disrupt and revolutionize the banking industry. But how is the blockchain going to change the banking sector?
With blockchain, all transactions are verified, time-stamped, and committed to the blocks of the blockchain which cannot be changed without the knowing of the community. This would solve the problems of cooking books by fraudulent bankers, as all transactions are open for everybody to see.

The blockchain technology brings a solution to the challenges of the banking sector by creating and delivering a transparent, unchangeable and distributed ledger.
Bitbose is creating a decentralized banking ecosystem to take care of all the needs of the public and delegate the management of key features to an AI bot that used machine learning to take smart choices and so, are free of human error and inducements.

BitBose - Crypto Like a Boss

The BOSE ERC20 token is the central currency that drives all transactions on the BitBose platform. A user will have to buy BOSE tokens to access the features and capabilities of the platform.
The Bitbose ecosystem will be registered as a bank under the legal auspices of Great Britain and will adhere to corporate laws and regulations. A strict obedience to KYC/AML regulations will also be a key feature of the platform in order to stop ill-gotten money from becoming a part of the Bitbose cryptocurrency ecosystem.

Usefull Link:      Website | Whitepaper | ANN Thread

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